Avangrid (AGR) Cut to Sell at Zacks Investment Research

Zacks Investment Research cut shares of Avangrid (NYSE:AGR) from a hold rating to a sell rating in a research note published on Monday.

According to Zacks, “Avangrid, Inc. is an energy and utility company. The company operates regulated utilities, electricity generation and natural gas storage primarily in the United States. Avangrid, Inc. is based in New Gloucester, United States. “

A number of other analysts have also recently commented on the stock. Bank of America reduced their target price on shares of Avangrid from $58.00 to $55.00 and set a buy rating for the company in a report on Wednesday, July 25th. Wolfe Research cut shares of Avangrid from a peer perform rating to an underperform rating in a research note on Monday, August 13th. Evercore ISI cut shares of Avangrid from an outperform rating to an in-line rating and set a $53.00 price objective for the company. in a research note on Wednesday, July 25th. ValuEngine cut shares of Avangrid from a buy rating to a hold rating in a research note on Tuesday, July 24th. Finally, Wells Fargo & Co increased their price objective on shares of Avangrid from $54.00 to $55.00 and gave the stock a market perform rating in a research note on Monday, September 17th. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average price target of $54.38.

Shares of AGR stock opened at $47.52 on Monday. Avangrid has a 12 month low of $45.17 and a 12 month high of $54.55. The company has a market cap of $14.81 billion, a price-to-earnings ratio of 21.60, a price-to-earnings-growth ratio of 2.29 and a beta of 0.06. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.73 and a quick ratio of 0.64.

Avangrid (NYSE:AGR) last announced its earnings results on Tuesday, July 24th. The utilities provider reported $0.41 EPS for the quarter, missing the Zacks’ consensus estimate of $0.48 by ($0.07). Avangrid had a net margin of 6.07% and a return on equity of 4.47%. The business had revenue of $1.40 billion for the quarter, compared to analysts’ expectations of $1.33 billion. During the same period in the prior year, the company posted $0.46 earnings per share. The firm’s quarterly revenue was up 5.3% on a year-over-year basis. As a group, research analysts predict that Avangrid will post 2.29 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Monday, October 1st. Investors of record on Friday, September 7th were given a dividend of $0.44 per share. This is a positive change from Avangrid’s previous quarterly dividend of $0.43. The ex-dividend date of this dividend was Thursday, September 6th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.70%. Avangrid’s dividend payout ratio is currently 80.00%.

Several large investors have recently modified their holdings of AGR. Point72 Hong Kong Ltd boosted its position in shares of Avangrid by 275.6% during the second quarter. Point72 Hong Kong Ltd now owns 2,663 shares of the utilities provider’s stock worth $141,000 after acquiring an additional 1,954 shares during the last quarter. Cubist Systematic Strategies LLC bought a new position in Avangrid during the first quarter valued at $180,000. Bank of Montreal Can lifted its position in Avangrid by 601.2% during the second quarter. Bank of Montreal Can now owns 3,436 shares of the utilities provider’s stock valued at $182,000 after purchasing an additional 2,946 shares during the last quarter. TLP Group LLC bought a new position in Avangrid during the first quarter valued at $208,000. Finally, Fort Washington Investment Advisors Inc. OH bought a new position in Avangrid during the second quarter valued at $222,000. Hedge funds and other institutional investors own 13.67% of the company’s stock.

Avangrid Company Profile

Avangrid, Inc operates as an energy services holding company in the United States. It engages in the generation, transmission, and distribution of electricity, as well as distribution, transportation, and sale of natural gas. As of December 31, 2017, the company delivered electricity to approximately 2.2 million electric utility customers, as well as natural gas to approximately 1 million natural gas public utility customers; and owned approximately 67.5 billion cubic feet of net working gas storage capacity.

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